When you purchase your home some of the money paid to lender to receive your loan is called “points”. You will be able to deduct your points in the year that you paid them as long as your loan was to purchase or build your home. You can also deduct your points when you refinance as well. When you refinance you will have to deduct them over the life of your loan.
If you are a first time home buyer, TurboTax Online will make sure you’re not missing important home-related tax deductions. Please visit TurboTax Online for more free tax saving tips.



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